Cost of Living in Toronto: Student Guide

Toronto is often called the "New York City of Canada"; it is lively, multicultural, and energetic. It’s a city where you can hear over 140 languages spoken on the street, attend world-class film festivals, and study at top institutions like the University of Toronto, OCAD, or George Brown College.

For international students and newcomers, the "sticker shock" can be real. Rent is high, phone plans are expensive, and a cocktail downtown can cost as much as a meal elsewhere. But don't let this scare you away! Thousands of students succeed here every year by knowing where to look and how to budget. Following the guidance on student living expenses in Toronto with saving tips, you can enjoy this amazing city without breaking the bank. Here is your comprehensive survival guide.

1. Accommodation

Housing will undoubtedly be your highest monthly expense. Newcomers often make the mistake of thinking they must live right next to the CN Tower or Yonge-Dundas Square. While living downtown is convenient, you pay a premium for that postal code. A private one-bedroom condo in the core can easily soar above $2,500 CAD per month.

Tips for saving on housing:

• Embrace the Commute: Toronto’s transit system is decent. Neighbourhoods like The Annex, Little Italy, or even areas further out like Scarborough or North York offer much more space for your money.
• Purpose-Built Student Housing: This is the secret weapon for many international students. Unlike private landlords who might ask for 12 months of rent upfront (illegal but common for newcomers without credit scores), purpose-built student apartments in Toronto are designed for you. These places often include utilities, Wi-Fi, and furniture in one fixed price, saving you the headache of setting up bills. Plus, the social vibe in co-living spaces is unbeatable for making new friends.
• Budget Note: If you are willing to have roommates (which I highly recommend), you can keep your rent between $1,000 and $1,600 CAD.

2. Food & Groceries

Toronto has an incredible food scene, from Michelin-star restaurants to late-night shawarma spots. But eating out every day is the quickest way to blow your budget. A typical dinner out with tax and tip (don’t forget the 15-18% tip!) can easily cost $40.

How to Eat Like a Local (for Less):

• Know Your Supermarkets: Avoid high-end stores like Loblaws, Metro, or Longos for your daily essentials. Instead, look for the yellow No Frills signage or the green FreshCo branding. These are discount grocers that sell the same brands for 20-30% less.
• Chinatown & Kensington Market: For produce, head to Spadina Avenue in Chinatown. You can find fresh fruit and vegetables at a fraction of supermarket prices. Kensington Market nearby is also excellent for cheap cheese, bread, and spices.
• The "Too Good To Go" App: It connects you with restaurants and bakeries that have surplus food at the end of the day. You can get a "Surprise Bag" of pastries or meals for $5-$7 that would normally cost $20.

3. Getting Around

You don't need a car in Toronto. In fact, owning a car can be a financial burden because of high insurance rates and parking fees. The Toronto Transit Commission (TTC)—the network of subways, streetcars, and buses—will be your best friend (and occasionally your enemy during delays).

Travel Hacks:

• The PRESTO Card: Your ticket to everything. As a post-secondary student, you qualify for a discounted monthly pass (about $128 CAD).
• The 2-Hour Transfer: Your fare is valid for 2 hours. This allows you to hop on the subway, visit the grocery store, shop for an hour, and then get back on the bus to go home—all with one fare.
• The PATH: During winter, when it’s -20°C, you don't have to walk outside downtown. Toronto features the world’s largest underground shopping complex called The PATH. It connects major subway stations and buildings, letting you walk for kilometres without needing a coat.

4. The Hidden Costs: Phone & Internet

One thing that shocks many Europeans and Asians is the cost of mobile data in Canada. It is among the most expensive in the world.

Tip: Don't just walk into a major provider (Rogers/Bell/Telus) store. Look for "flanker brands" like Fido, Koodo, or Virgin Plus. They run on the same high-quality networks but offer much cheaper plans, especially during the "Back to School" season in August/September.

5. Lifestyle & Fun

Living on a budget doesn't mean staying in your room. Toronto offers plenty of free or cheap entertainment:

• Explore Kensington Market: Great, specifically for vintage window shopping.
• High Park: Completely free and beautiful in all seasons.
• Student Discounts: Always ask! Many museums and cinemas have "Student Days."

Conclusion

Moving to Toronto is an investment in your future. While the costs are high, the opportunities—both educational and social—are endless. A realistic total monthly budget for a modest student lifestyle usually lands between $2,200 and $2,800 CAD.

Want the Exact Numbers? This was just a quick overview. If you need to see a detailed breakdown—including the specific prices of milk, internet packages, gym memberships, and a comparison of costs by neighbourhood—check out the full in-depth guide on the Cost of Living in Toronto for Students.